NY Fed says corporate credit facilities will begin purchases in May

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NEW YORK (Reuters) - The New York Federal Reserve said Monday that the primary and secondary market corporate credit facilities it is setting up as part of its response to stabilize markets in the wake of the coronavirus pandemic will begin purchases in early May.

The New York Fed said the secondary market corporate credit facility is expected to begin purchasing eligible ETFs in early May. The primary market corporate credit facility will become operational soon after.

Additional details on timing of facilities will be made available as those dates approach, the New York Fed said on its website here